'Both Indonesia and the Philippines have been laggards in terms of benefiting from supply chain diversification,' Nomura said in a report.'This likely reflects in part their starting positions; both countries have weak forward and backward linkages to regional supply chains, as discussed above, and smaller manufacturing bases with the share of manufacturing output to total GDP declining,' it added.
'In particular, power rates remain the highest in the region, and connectivity is relatively poor after decades of underspending in infrastructure, keeping transport and logistics costs high,' it added.Despite this, Nomura noted that the Philippines remains a major player in the nickel market.In 2022, the country produced approximately 360,000 metric tons of contained nickel, accounting for 11 percent of global production. This places the country a distant second to Indonesia.
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